Uncommon Trusts

June 20, 2022By KrostWealth

Other Trusts That Can Be Established Blind Trust The trustees of a blind trust manage the assets in the trust without the beneficiaries’ knowledge. The beneficiaries have no input into how the assets are handled. This trust is helpful if conflicts are likely to arise between the trustees and beneficiaries, or among the beneficiaries themselves. Read the full article…

How to Treat Inherited Individual Retirement Accounts

May 25, 2022By KrostWealth

The SECURE Act, which became effective on January 1, 2021, changed the rules for inherited IRAs. Prior to that, the rules were very beneficial to non-spousal beneficiaries. The act upended the “life expectancy” rule for distributions and, in its place, created the 10-year rule for non-spousal beneficiaries. The act establishes a time period of 10 Read the full article…

Types of Trusts

May 11, 2022By KrostWealth

In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Revocable Trusts Revocable trusts (living trusts) can be changed or canceled at any time by the grantor (trustor, creator), who often acts as the initial trustee. All income generated is reported on your Read the full article…

What is a Trust?

March 8, 2022By Phil Clark, CPWA®,CFP®, CLU®

A trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor). The trustor is the person who establishes the trust and transfers assets into it. The trustee is the person or entity responsible for managing those assets according to the trustor’s wishes. Often the trustor will also be the trustee, Read the full article…

Critical Estate Documents

January 25, 2022By Phil Clark, CPWA®,CFP®, CLU®

Financial Documents Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated Holds your belongings until your death Can it authorize someone to handle your financial affairs if you are unable to Read the full article…

Advantages of Trusts for Estate Planning

December 20, 2021By KrostWealth

As a reminder, a trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor). The trustor is the person who establishes the trust and transfers assets into it. The trustee is the person or entity responsible for managing those assets according to the wishes of the trustor. Often the trustor Read the full article…

A Living Trust Primer

March 29, 2021By Phil Clark, CPWA®,CFP®, CLU®

A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives. What is a Living Trust? A living trust is created while you are alive and funded with the assets you choose to transfer into it. The trustee (typically, you) has full power Read the full article…

Keep Your Life Insurance When You Retire

August 16, 2019By KrostWealth

Some good reasons to retain it. Do you need a life insurance policy in retirement? One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed. If you are thinking about dropping your coverage for either or both of those Read the full article…